Free Trial

Pullback Considered Corrective

GBPUSD TECHS
  • RES 4: 1.2448 High Jan 23 and a key medium-term resistance
  • RES 3: 1.2440 2.0% 10-dma envelope
  • RES 2: 1.2401 High Feb 2
  • RES 1: 1.2344 High Mar 23
  • PRICE: 1.2271 @ 16:19 GMT Mar 27
  • SUP 1: 1.2179 Low Mar 23 / 21
  • SUP 2: 1.2138 20-day EMA
  • SUP 3: 1.2106 50-day EMA
  • SUP 4: 1.2011 Low Mar 15

GBPUSD maintains a bullish tone despite the pullback from 1.2344, the Mar 23 high. The pair has recently cleared a number of resistance points signalling scope for an extension higher. This has opened 1.2401, the Feb 2 high and 1.2448, the Jan 23 high. The latter is a key medium-term resistance. On the downside, initial firm support lies at 1.2179, the Mar 21 low, ahead of 1.2138, the 20-day EMA and a key short-term chart point.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.